Is it somewhere for you yourself to enjoy or is it to maximise rental income and/or capital value? Or all of these? Do you like hot weather and beaches, or are you more of a city/culture lover? Are you prepared to fly to the apartment (and if so how long a flight) or would you like the choice of driving there? Are you intending to let your head rule your heart ..... or, like most of us, are you happy for your heart to decide?!
All things to carefully consider when choosing where to buy!
All things to carefully consider when choosing where to buy!
Off the top of my head I'd say for that money buy 2 properties in different places, then you'd have a nice choice of holidays.
think I was a bit out with the price; more like £150,000 max. I fancy Majorca, hubby says Greece. I think Majorca is more accessible and shorter flight time but wonder if the market is totally saturated. It would be for our retirement (which isn't for a good few years) but it would be nice to go for long weekends and school holidays.
For that sort of money you could buy a Villa with private pool in Turkey
As Jordy has rightly pointed out, Turkey is the place for your investment. In June we purchased a brand new 4 Bed, 2 bathroom Duplex for our retirement. It has a 55 sq. mtr roof terrace, the price ?? £42k, this is in the Altinkum area. Though there isn't enough area within the grounds for a pool, we have been granted permission to use the one in the nearby hotel, so long as we make a purchase while we are there, this we would anyway. The hotel has a mini-market as well as a restaurant and so we will be constant visitors.
Les
Les
I know Turkey is popular but I don't think I would want to live there.
The Turks are very similar to the Greeks in culture, just a pity they don't get along so well !! Most peoples idea of Turkey is that of a hot, dusty country of which it is not. Despite it having been as high as 50c out there this week, the country is green and very fertile and the people are so warm and friendly, they want to serve you the best they can and also gain your friendship.
Les
Les
Hi Brian,
If it wasn't for the Brits pumping up the prices and the poor exchange rate on the Euro, we would have bought in Cyprus ages ago. When the choice is what we've bought in Turkey for £42k and a studio apartment in Cyprus for a hell of a lot more, there's no contest !!!! Admire your cheekiness though.
Les
If it wasn't for the Brits pumping up the prices and the poor exchange rate on the Euro, we would have bought in Cyprus ages ago. When the choice is what we've bought in Turkey for £42k and a studio apartment in Cyprus for a hell of a lot more, there's no contest !!!! Admire your cheekiness though.
Les
Sorry but there's loads of reasons why I wouldn't buy in Turkey (cheap or not) and it's nothing to do with it being hot and dusty . Greece def gets my vote too 
. Greece def gets my vote too
Hi Pargaluvva, Good luck with whatever you decide. Just for the record, we love both the Greek and Turkish experiences. All the best to you.
Les
Les
Thanks 
, Les. Me and the hubby been discussing it tonight. I would love to buy in Majorca but I can't sway him 
. Mind you, having looked at the price of flights next year might be a caravan in Skeggy .
, Les. Me and the hubby been discussing it tonight. I would love to buy in Majorca but I can't sway him . Mind you, having looked at the price of flights next year might be a caravan in Skeggy .
I am in no way a financial adviser so this is just opinion!
Personally I don't think this is any time to be investing in foreign property. Once the Spanish banks stop propping up the Spanish property market (they have literally thousands of properties on their books to dispose of) it is likely to collapse and that will drag down prices everywhere else.
What I would do is buy a property in the UK and rent that out. Rents over here are higher than abroad because of our housing benefit system. You can then use that rental income to rent somewhere abroad and probably have money left over, even with today's exchange rates. I think your money is far safer invested in property in a country that uses solid bricks to build walls!
Also, if the worst comes to the worst health-wise, as it sadly often does, you will at least have somewhere to come back to.
(Puts on tin helmet and retires to safe distance!)
Personally I don't think this is any time to be investing in foreign property. Once the Spanish banks stop propping up the Spanish property market (they have literally thousands of properties on their books to dispose of) it is likely to collapse and that will drag down prices everywhere else.
What I would do is buy a property in the UK and rent that out. Rents over here are higher than abroad because of our housing benefit system. You can then use that rental income to rent somewhere abroad and probably have money left over, even with today's exchange rates. I think your money is far safer invested in property in a country that uses solid bricks to build walls!
Also, if the worst comes to the worst health-wise, as it sadly often does, you will at least have somewhere to come back to.
(Puts on tin helmet and retires to safe distance!)
No need for the tin helmet Colin A very sensible and constructive(pardon the pun !!) response. We are in the process of exploring the possibility of a base here in the form of a Park Home. You will find that most people abroad have got an address here that they can use so as they don't lose out on any of the benefits they've worked for.
Les
A very sensible and constructive(pardon the pun !!) response. We are in the process of exploring the possibility of a base here in the form of a Park Home. You will find that most people abroad have got an address here that they can use so as they don't lose out on any of the benefits they've worked for. Les
Colin what good advice. Buying property abroad is dead and it won't be any different for at least a decade...buy in the UK.
If the original poster wants to buy a property for retirement, I would have thought that investment potential would not be top of the list of requirements. Nevertheless, I would advise to buy as soon as possible, while prices are at their lowest.
With regards to some of the other comments above:- If it is true that ‘most people abroad have got an address here that they can use so as they don't lose out on any of the benefits they've worked for'; not actually knowing the millions of ex-pat's abroad, I cannot be certain, but if they have at least 2 properties as assets, and they are still able and willing to claim benefits, then it occurs to me that economic stability may be some way off for the UK.
I also find the comment about buying property abroad being dead for the next decade being a little strange. Is the suggestion that people should wait until property prices increase before they buy? And what crystal ball is giving such an insight into the worldwide property market?
It is true that mortgages are harder to secure, but anyone with cash would be daft to leave it in a bank, earning very little interest, whilst waiting for property prices to go up before they decide to buy.
With regards to some of the other comments above:- If it is true that ‘most people abroad have got an address here that they can use so as they don't lose out on any of the benefits they've worked for'; not actually knowing the millions of ex-pat's abroad, I cannot be certain, but if they have at least 2 properties as assets, and they are still able and willing to claim benefits, then it occurs to me that economic stability may be some way off for the UK.
I also find the comment about buying property abroad being dead for the next decade being a little strange. Is the suggestion that people should wait until property prices increase before they buy? And what crystal ball is giving such an insight into the worldwide property market?
It is true that mortgages are harder to secure, but anyone with cash would be daft to leave it in a bank, earning very little interest, whilst waiting for property prices to go up before they decide to buy.
Oly Daze wrote:If the original poster wants to buy a property for retirement, I would have thought that investment potential would not be top of the list of requirements. Nevertheless, I would advise to buy as soon as possible, while prices are at their lowest.
With regards to some of the other comments above:- If it is true that ‘most people abroad have got an address here that they can use so as they don't lose out on any of the benefits they've worked for'; not actually knowing the millions of ex-pat's abroad, I cannot be certain, but if they have at least 2 properties as assets, and they are still able and willing to claim benefits, then it occurs to me that economic stability may be some way off for the UK.
I also find the comment about buying property abroad being dead for the next decade being a little strange. Is the suggestion that people should wait until property prices increase before they buy? And what crystal ball is giving such an insight into the worldwide property market?
I agree with the above post, surely while prices are so low then now is the right time to buy. I'm always suprised when people talk about abroad with so much knowlege when they only mean Spain. The property market may be a little sluggish at the moment but it's certainly not dead everywhere in Europe.
I'm not sure what benefits the poster meant, but pensions can be paid abroad.
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